Summary of Poly Property Conference Call Company Overview - **Company**: Poly Property - **Industry**: Property Management Key Points and Arguments Strategic Approach - Poly Property adopts a strategic follow-up approach, introducing mature technologies to optimize management systems and operations, such as digital command centers and seamless access, positively impacting the property management industry [2][4] Market Positioning - The company positions itself in the mid-to-high-end residential market, expanding into public facilities and state-owned commercial projects while focusing on quality residential projects [2][5] Financial Performance - Accounts receivable are well-controlled, with an expected balance of approximately 2.9 billion in 2024 and operating cash flow exceeding 2.3 billion, covering net profit by more than 1.5 times [2][6] - The company anticipates a 5% growth in revenue and net profit attributable to shareholders in 2025, driven primarily by basic property management [3][19] Non-Residential Services - Non-residential value-added services have declined due to the real estate cycle, but segments like labor services and commercial office management have seen improvements [2][7] - The company has achieved advantages in the non-residential sector by focusing on core cities, key sectors, and quality clients while enhancing collection management [2][8] Risk Management - Poly Property has actively cleared risky projects, achieving a collection rate exceeding 85% in 2024 [2][9] Community Value-Added Services - The company focuses on home services and asset management within community value-added services, identifying opportunities in home renovation and community convenience consumption [2][10] Cash Reserves and Acquisition Plans - The company holds 10 billion in cash, primarily intended for acquisitions, with a focus on residential and state-owned enterprises [2][12] Expansion and Project Quality - In the first half of 2025, the company expanded its projects mainly in public facilities and state-owned commercial sectors, with residential projects accounting for about 10% [3][13] Competitive Strategy - Poly Property leverages its advantages in the convenience consumption sector, focusing on nurturing suitable business opportunities rather than competing directly with strong players [11] Future Growth Expectations - The company expects revenue growth of 5% in 2025, with core property management as the main driver, while non-owner value-added services are expected to decline slightly [19][20] Urban Renewal Opportunities - The company sees urban renewal as a significant growth opportunity, actively exploring projects while ensuring profitability and manageable collection risks [21] Additional Important Insights - The company emphasizes the importance of technology in reducing costs and improving operational efficiency in property management [4] - Despite pressures in the real estate market, the company maintains a positive outlook on the demand for quality services, indicating that premium pricing remains viable [5] - The company is committed to providing sustainable returns to investors, with a potential increase in dividend payout ratios in the future [18]

EF001 | | 股東類型 | 稅率 | 有關代預扣所得稅之更多補充 | | --- | --- | --- | --- | | | | | （如適用） | | | 非居民企業 | | | | | （非中國內地登記地址） | 10% | 本公司在向名列於本公司H股股東 | | | | | 名冊上的非居民企業股東（即以非 | | | | | 個人股東名義持有H股的任何股 | | | | | 東，包括但不限於香港中央結算 | | | | | （代理人）有限公司、其他代理 | | | | | 人、受託人或以其他組織及集團名 | | | | | 義登記的H股股東）分派年度股息 | | | | | 前將從中代扣代繳10%作為企業所 | | | | | 得稅。非居民企業股東在獲得股息 | | | | | 之後，可以自行或通過委託代理人 | | | | | 或本公司，向主管稅務機關提出享 受稅收協定（安排）待遇的申請。 | | | 非個人居民 | | | | | （非中國內地登記地址） | 10% | 持有境內非外商投資企業在香港發 | | | | | 行的股份的境外居民個人股東，可 | | | | | 根據其居民身份所 ...

POLY PROPERTY SERVICES CO., LTD. 獨立非執行董事 保利物業服務股份有限公司 董事名單與其角色和職能 保利物業服務股份有限公司董事會（「董事會」）成員載列如下： 執行董事 吳蘭玉女士 （董事長） 姚玉成先生 （總經理） 非執行董事 劉平先生 劉智慧先生 （於中華人民共和國註冊成立的股份有限公司） （股份代號：06049） 王小軍先生 譚燕女士 張禮卿先生 董事會設立四個董事會委員會，下表提供各董事會成員在該委員會中所擔任的職 位： | 董事 | | | 委員會 | 戰略與可持續發 | | --- | --- | --- | --- | --- | | | 審核委員會 | 薪酬委員會 | 提名委員會 | 展委員會 | | 吳蘭玉女士 | – | – | C | C | | 姚玉成先生 | – | – | – | M | | 劉平先生 | – | – | M | M | | 劉智慧先生 | M | – | – | – | | 王小軍先生 | M | C | M | – | | 譚燕女士 | C | M | M | M | | 張禮卿先生 | M | M | M | M | 附註： C ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 POLY PROPERTY SERVICES CO., LTD. 保利物業服務股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 茲提述保利物業服務股份有限公司（「本公司」）日期為2025年5月15日有關2024年 度股東周年大會（「股東周年大會」）、2025年第一次內資股類別股東大會（「內資股 類別股東大會」）及2025年第一次H股類別股東大會（「H股類別股東大會」）的通函 （「通函」）及通告（「通告」）統稱「股東周年大會文件」。除非文義另有所指，本公 告所用詞彙與股東周年大會文件所界定者具有相同涵義。 董事會欣然宣佈，本公司股東周年大會、內資股類別股東大會及H股類別股東大 會已於2025年6月6日（星期五）於中國廣東省廣州市海珠區閱江中路832號保利發 展廣場東塔二樓會議室舉行。 股東周年大會及類別股東大會由董事會召集並由董事長吳蘭玉女士主持。本公司 董事吳蘭玉女士、王小軍先生、譚燕女士、張禮 ...

Investment Rating - The report maintains a "Positive" investment rating for the property management industry [13]. Core Insights - The property management sector is experiencing stable growth in management scale, with a focus on improving quality and efficiency, leading to a recovery in profitability. High-quality property management companies are expected to achieve long-term stable performance and even maintain certain growth rates [4][11]. - The transition from "profitable revenue" to "cash flow profit" is underway, with many companies demonstrating strong cash flow performance due to effective receivables management [9][60]. - There is an increasing emphasis on shareholder returns, with a rising proportion of dividends and share buybacks, resulting in an average total return rate exceeding 6% for mainstream property management companies [10][11]. Summary by Sections Profit Stability of Property Management Companies - The stability of profits is fundamental to exploring the dividend value of property management companies. After over three years of adjustments, companies are increasingly focusing on core operations, with many achieving stable or even growing profits [8][24]. - The management scale remains stable, with many companies emphasizing market expansion capabilities. Some have begun to recover gross and net profit margins through quality improvements [25][38]. Transition from Profit to Cash Flow - Most property management companies maintain a cash flow coverage ratio of over 1X against net profit, indicating a smooth transition to cash flow profits. However, some companies face challenges due to receivables and impairment issues [9][60]. - The differentiation in receivables and cash collection capabilities is a key factor affecting the cash profit ratio among companies [9][60]. Dividend Potential and Excess Cash - Property management companies are increasingly focusing on higher dividend payouts to reward shareholders, with an average dividend payout ratio of over 50% expected in 2024. The average dividend yield for mainstream companies is projected to reach 5.5% [10][11]. - Many companies have significant cash reserves, with some exceeding 10 billion yuan, indicating potential for higher future dividends [10][11]. Industry and Company Valuation - The report suggests that the dividend value is just the starting point for investment in high-quality state-owned and private property management companies. The potential for cash distribution and value-added services is seen as hidden options for future growth [11][12]. - The report recommends focusing on three main lines: companies expected to maintain high growth rates, those with superior growth and static dividend returns, and undervalued state-owned enterprises with excess cash [11].

Investment Rating - The report maintains a recommendation for the real estate industry, indicating a cautious outlook with potential for gradual recovery in the market [3]. Core Insights - The real estate market continues to experience low-level fluctuations, with construction completions showing a year-on-year decline, indicating a challenging environment for developers [1][42]. - New construction starts are expected to gradually decrease in their rate of decline throughout the first half of 2025, driven by stabilizing housing demand and strategic adjustments by developers [2][43]. - The report highlights the importance of government policies aimed at stabilizing the real estate market, with a focus on urban renewal and optimizing existing property acquisition strategies [40][41]. Summary by Sections Sales and Market Performance - In April, the year-on-year growth rate of sales area adjusted for the base period was -2.1%, reflecting ongoing low market activity and suppressed buyer sentiment [7][13]. - The total sales area for January to April was 28.26 million square meters, with a cumulative year-on-year decline of 2.8% [9][14]. - The sales amount for April was 270.35 billion yuan, showing a year-on-year decrease of 3.2% [9][14]. Construction and Investment - The new construction area in April saw a year-on-year decline of 22.1%, with expectations for a gradual narrowing of this decline in the coming months [2][43]. - The total investment in real estate development for April was 277.30 billion yuan, reflecting a year-on-year decrease of 10.3% [9][12]. - The completion area in April decreased by 27.9% year-on-year, indicating a faster-than-expected decline in construction completions [42][46]. Financial Indicators - The funding index for the real estate sector showed a downward trend, currently at a historically low level, suggesting potential improvements in cash flow for some companies [2][9]. - The funding sources for real estate development in April totaled 325.96 billion yuan, with a year-on-year decline of 4.1% [12][41]. Price Trends - The new home prices in 70 cities fell by 0.12% month-on-month in April, with an increasing number of cities experiencing price declines [10][11]. - The average price of new homes was 9,566 yuan per square meter, reflecting a slight year-on-year decrease of 0.4% [12][14].

Investment Rating - The report maintains an "Accumulate" rating for the real estate service industry [1] Core Viewpoints - The long-term growth of property companies relies on high-quality third-party expansion, stable gross margins, and community value-added services [60] - The industry is experiencing a shift towards focusing on core property service revenue, with a notable increase in its share of total income [10][13] - The report emphasizes the importance of managing accounts receivable and cash flow to mitigate operational risks [61] Summary by Sections 1. Sources of Long-term Growth for Property Companies - High-quality third-party expansion is essential for sustainable growth, with a significant increase in the share of core property service revenue among sample companies [10][16] - Profitability stabilization is more critical than mere scale growth, with some companies showing signs of gross margin recovery after years of decline [20][25] - Community value-added services, while not a second growth engine, can contribute to stable revenue and profit growth during low-growth phases [57] 2. Operational Risks Facing Property Companies - The accumulation of accounts receivable and the aging of these receivables pose significant risks to cash flow, with many companies experiencing faster growth in receivables than in revenue [61][63] - The report highlights the need for property companies to control the rapid growth of receivables to maintain financial health [61] 3. Valuation Recovery Potential in the Industry - The valuation of property companies is influenced by growth potential, profitability quality, and shareholder return policies, with a focus on maintaining a dividend payout [3][24] - Companies that can achieve stable mid-term growth and manage operational risks effectively are likely to see improved valuations [4][19] 4. Investment Recommendations - The report recommends companies that demonstrate stable growth, effective risk management, and a commitment to high dividends, highlighting specific companies such as China Resources Vientiane Life, Greentown Service, and China Merchants Jinling [4][19]

Core Insights - The property management industry in China is experiencing a modest revenue growth of 4% in 2024, with total revenue reaching 293.87 billion yuan [1][17] - The average revenue per listed property company is 4.665 billion yuan, with a median of 1.74 billion yuan, reflecting a year-on-year increase of 4.0% and 11.3% respectively [1][17] - The industry is facing challenges due to economic uncertainties and the need for structural adjustments and upgrades [2] Capital Market Performance - The property sector continues to underperform compared to the broader market, with the Hang Seng Property Services Index declining by 5.8% in 2024 [2][4] - State-owned enterprises (SOEs) show stronger resilience in stock performance, with an average stock price change of 35.1%, while private enterprises saw a decline of 10.7% [4] - The average dividend payout ratio for listed property companies reached 91.3%, indicating an attractive investment value [7] Valuation - The average price-to-earnings (P/E) ratio for listed property companies increased to approximately 9.9, up from 9.7 in the previous year [11] - The valuation of property stocks has seen fluctuations, with a historical low of 8.4 times and a peak of 12.8 times in 2023 [11] Market Capitalization - The number of property companies with a market capitalization exceeding 10 billion yuan increased to 7, while companies with a market cap below 3 billion yuan account for 75.8% of the total [14] Operational Scale Analysis - The revenue growth rate for the property management sector has slowed to 4.0%, down 3.7 percentage points from the previous year [29] - The total managed area for listed property companies grew to 7.66 billion square meters, with a year-on-year growth rate of 6.3% [35] Revenue Growth Rate - The revenue growth rate for head companies is 5.7%, while large companies are experiencing negative growth at -0.2% [32] - Small and medium-sized companies also saw a decline in revenue growth rates, with small companies at 2.4% [32] Profitability Analysis - The average gross profit margin for listed property companies decreased to 19.0%, down 1.2 percentage points year-on-year [65] - The average net profit margin also fell to 4.2%, reflecting the pressures from reduced property fees and rising labor costs [65] Employment and Tax Contributions - The total tax contribution from 62 listed property companies was approximately 6.52 billion yuan, with head companies contributing nearly 70% of the total [130] - The employment numbers remained stable, with 54 listed companies employing around 1.035 million people [131] ESG Management - Property companies are increasingly focusing on ESG (Environmental, Social, and Governance) management, with many implementing energy management systems and promoting green operations [135][136] - Despite progress, challenges remain in standardizing carbon reduction and social responsibility initiatives [136]

Core Insights - The property service industry is experiencing a slowdown in scale and revenue growth, declining profitability, challenges in value-added services, and a decrease in cash on hand, necessitating strategic transformation and digital enhancement for market opportunities [2][11][12] Group 1: Industry Performance - In 2024, 62 listed property companies reported a total revenue of 288.5 billion yuan, with an average year-on-year growth rate of 4.66%, a decline of 4.04 percentage points from 2023 [8] - The number of companies reporting revenue declines reached 22, accounting for 35.5% of the sample, while only 14 companies achieved revenue growth exceeding 10% [8] - The total net profit for these companies was approximately 11.11 billion yuan, down 20.74% from 2023, with an average gross margin decreasing from 23.57% to 21.82% [9] Group 2: Market Trends - The industry is witnessing a diversification in service offerings, with 11 out of 25 sample companies reporting that non-residential management income accounts for over 40% of their basic management income [4] - The trend of companies focusing on high-quality project expansion and core areas is evident, with a total managed area of approximately 7.62 billion square meters, reflecting a modest growth of 1.6% [2] Group 3: Strategic Developments - Companies are actively pursuing digital transformation to enhance operational efficiency and reduce costs, with significant progress reported in areas such as organizational structure optimization and customer service improvement [15] - Collaborations with technology firms are ongoing to improve community living standards through the integration of technology and service delivery [15][16] Group 4: Financial Management - As of the end of 2024, cash and cash equivalents for the sample companies totaled 114.44 billion yuan, a slight decrease of 4.34% from the previous year, indicating potential financial pressure [13] - The growth rate of accounts receivable was only 2.85%, lower than the overall revenue growth, suggesting improved cash flow management practices among most companies [13]

POLY PROPERTY SERVICES CO., LTD. 保利物業服務股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 香港交易及結算所有限公司及香港聯合交易所有限公司對本通告的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不對因本通告全部或任何部分內容而產生或因倚賴該等內容而引致之任 何損失承擔任何責任。 （股份代號：06049） 2024年度股東周年大會通告 茲通告，保利物業服務股份有限公司（「本公司」）將於2025年6月6日（星期五）上 午10時30分於中國廣東省廣州市海珠區閱江中路832號保利發展廣場東塔二樓會議室 舉行2024年度股東周年大會（「股東周年大會」），以審議（如屬適當）並批准以下決議 案。於本通告內，除非文義另有所指，所用詞彙與本公司日期為2025年5月15日的通 函（簡稱「通函」）所界定者具有相同涵義。 普通決議案 6.2 選舉劉智慧先生為非執行董事。 7. 審議及批准續聘天職香港會計師事務所有限公司及天職國際會計師事務所（特殊 普通合夥）分別為本公司2025年度境外及境內審計機構，任期直至本公司下屆股 東周年大會結束為止，並批准董事會授權經營層釐定 ...